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OpenLedger secures $8 million in seed funding led by Polychain Capital

Published 07/02/2024, 11:18 AM
© Reuters.

Investing.com -- OpenLedger, a sovereign data blockchain for AI, has received seed funding to the tune of $8 million. The fresh capital injection was led by Polychain Capital and Borderless Capital, with participation from other investors including Finality Capital, Hash3, and HashKey Capital.

The seed round was also bankrolled by several angel investors, including Sreeram Kannan (EigenLabs), Balaji Srinivasan, and Sandeep Nailwal (Polygon).

With new capital in hand, OpenLedger plans to debut its testnet in the fourth quarter of 2024 and will expand its team and operations in preparation for this launch.

Data sovereignty means that individuals should have control over their own data. Despite the current AI boom, centralized entities still hold power over user data, raising concerns about privacy and control. 

OpenLedger tackles this problem by providing permissionless infrastructure for the entire data lifecycle, enabling builders to create smarter and more efficient models with verifiable data. The company's platform focuses on addressing the current bottleneck in AI development: data quality.

"The quality of AI models is heavily dependent on the data they are trained on," said an OpenLedger spokesperson. "Our platform ensures verifiable, diverse, and secure data, free from tampering and bias."

OpenLedger’s approach to AI improvement is built on three pillars: data, computing, and algorithms. While the AI industry has made strides in computing and algorithms, data quality remains a critical challenge. OpenLedger addresses this with its permissionless and verifiable data-centric infrastructure to catalyze AI growth.

The company's team has a track record of working in the decentralization space with brands like Sony (NYSE:SONY), Walmart (NYSE:WMT), Polygon, Hedera, and Flow (Dapper Labs). OpenLedger leverages EigenLayer’s economic security, ensuring data integrity and security.

“The AI market has seen significant growth, from $50 billion in 2023 to $184 billion in 2024, with projections suggesting it will surpass $826 billion by 2030,” the spokesperson added. “OpenLedger is positioned to address a larger market by creating a permissionless data infrastructure.”

Polychain Capital and Borderless Capital, leading the investment round, believe OpenLedger is solving a crucial problem that will drive growth and new use cases at the intersection of Web3 and AI.

Sreeram Kannan, Founder of EigenLabs, commented, “Verifiable databases was the first category I wanted to see built on EigenLayer. We are excited to collaborate with OpenLedger as they grow this category!”


 

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